{"id":600447,"date":"2024-03-30T08:04:13","date_gmt":"2024-03-30T08:04:13","guid":{"rendered":"https:\/\/ktsl888.com\/?p=600447"},"modified":"2024-06-11T07:03:00","modified_gmt":"2024-06-11T07:03:00","slug":"bitwise-ceo-predicts-11-billion-drop-in-bitcoin-supply-post-halving","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitwise-ceo-predicts-11-billion-drop-in-bitcoin-supply-post-halving\/","title":{"rendered":"Bitwise CEO Predicts $11 Billion Drop In Bitcoin Supply Post Halving"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Over the last week, Bitcoin (BTC)\u00a0 investors enjoyed much profit as the crypto asset gained 9.34% to trade above $71,000 <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">based on data from CoinMarketCap<\/a>. Currently, most of the BTC market is highly expectant of the potential large price gains that the current bull cycle could present.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, commenting on the immediate future, Bitwise CEO Hunter Horsley has stated that the upcoming halving event &#8211; a key part of the bull cycle &#8211; could be the most significant in Bitcoin\u2019s trading history as a result of an impending massive decline in the token\u2019s supply.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-etf-inflows-1-trillion-predicts-bitwise-cio\/\"> Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO<\/a><\/div>\n<h2><span style=\"font-weight: 400\">Bitcoin Price To Impact Supply Reduction And Token Demand &#8211; Bitwise CEO<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In a <a href=\"https:\/\/x.com\/HHorsley\/status\/49723303?s=20\" target=\"_blank\" rel=\"noopener nofollow\">post on X on March 29<\/a>, Hunter Horsley shared that the Bitcoin Halving event slated for April 2024 could have the most profound supply and demand effects recorded ever in the asset\u2019s history. For context, <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/analyst-warns-of-bitcoin-pre-halving-retrace-echoing-troubling-2020-trend\/\" target=\"_blank\" rel=\"noopener \">Bitcoin halving<\/a> is a phenomenon that occurs every four years in which the block reward for BTC miners is reduced by half.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The April 2024 Bitcoin halving may be the most impactful we\u2019ve seen. Why?<\/p>\n<p>The last Bitcoin halving, 2020, Bitcoin was at ~$9,000. So the supply reduction in $ terms was ~$9M a day, and ~$3B a year. <\/p>\n<p>This halving with Bitcoin ~$70,000, it will be &gt;3x greater in $ terms: ~$32M a\u2026<\/p>\n<p>&mdash; Hunter Horsley (@HHorsley) <a href=\"https:\/\/twitter.com\/HHorsley\/status\/49723303?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 29, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Horsley began his prediction by referencing the last Halving in 2020, during which BTC\u2019s price was ~$9,000. The Bitwise CEO stated that Bitcoin experienced a significant decline in token supply following the Halving effect, to the tune of ~$9 million per day and ~ $3 billion per year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Considering that Bitcoin\u2019s price currently hovers around $70,000, Horsley believes that the expected supply reduction will likely be at least three times larger in dollars and is estimated to be <\/span><span style=\"font-weight: 400\">$32 million per day and $11 billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With a higher Bitcoin price, Horsley predicts that the expected massive decline in Bitcoin\u2019s supply will be accompanied by a greater decrease in natural selling pressure by miners. In addition, the Bitwise CEO notes this development will concise with the current rise in institutional demand.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Generally, all factors highlighted by Hunter Horsley indicate that Bitcoin will likely experience a magnanimous price surge following the Halving event. Earlier in February, the Bitwise boss <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitwise-ceo-bitcoin-250000\/\" target=\"_blank\" rel=\"noopener \">predicted<\/a> BTC could attain $250,000 sooner as a result of investor demand driven by the introduction of the Bitcoin spot ETF.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/xrp\/600-1000-return-for-xrp\/\">Crypto Analyst Predicts 600%-1000% Return For XRP, Here\u2019s The Target<\/a><\/div>\n<h2><span style=\"font-weight: 400\">BTC Price Overview<\/span><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing, BTC is exchanging hands at $70,000 with a 0.65% loss on the last day. The widely acclaimed \u201cdigital gold\u201d is up now by 10.45% on its monthly chart\u00a0 following the price correction in February,<\/span><\/p>\n<p style=\"text-align: left\"><span style=\"font-weight: 400\">Meanwhile, the BTC\u2019s trading volume has declined by 23.16% and is valued at $24.67 billion. With a market of $1.1 trillion, Bitcoin ranks as the largest cryptocurrency in the world.<\/span><\/p>\n<pre style=\"text-align: center\"><span style=\"font-weight: 400\">\r\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large\" src=\"https:\/\/www.tradingview.com\/x\/iGXnfDsh\/\" width=\"1479\" height=\"893\">\r\nBTC trading at $69960 on the hourly chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT chart on Tradingview.com<\/a>\r\n<\/span><\/pre>\n<p><em>Featured image from Forbes, chart from Tradingview<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the last week, Bitcoin (BTC)\u00a0 investors enjoyed much profit as the crypto asset gained 9.34% to trade above $71,000 based on data from CoinMarketCap. Currently, most of the BTC market is highly expectant of the potential large price gains that the current bull cycle could present.\u00a0 However, commenting on the immediate future, Bitwise CEO Hunter Horsley has stated that the upcoming halving event &#8211; a key part of the bull cycle &#8211; could be the most significant in Bitcoin\u2019s trading history as a result of an impending massive decline in the token\u2019s supply. Related Reading: Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO Bitcoin Price To Impact Supply Reduction And Token Demand &#8211; Bitwise CEO In a post on X on March 29, Hunter Horsley shared that the Bitcoin Halving event slated for April 2024 could have the most profound supply and demand effects recorded ever in the asset\u2019s history. For context, Bitcoin halving is a phenomenon that occurs every four years in which the block reward for BTC miners is reduced by half. Horsley began his prediction by referencing the last Halving in 2020, during which BTC\u2019s price was ~$9,000. The Bitwise CEO stated that Bitcoin experienced a significant decline in token supply following the Halving effect, to the tune of ~$9 million per day and ~ $3 billion per year. Considering that Bitcoin\u2019s price currently hovers around $70,000, Horsley believes that the expected supply reduction will likely be at least three times larger in dollars and is estimated to be $32 million per day and $11 billion.\u00a0 With a higher Bitcoin price, Horsley predicts that the expected massive decline in Bitcoin\u2019s supply will be accompanied by a greater decrease in natural selling pressure by miners. In addition, the Bitwise CEO notes this development will concise with the current rise in institutional demand. Generally, all factors highlighted by Hunter Horsley indicate that Bitcoin will likely experience a magnanimous price surge following the Halving event. Earlier in February, the Bitwise boss predicted BTC could attain $250,000 sooner as a result of investor demand driven by the introduction of the Bitcoin spot ETF. Related Reading: Crypto Analyst Predicts 600%-1000% Return For XRP, Here\u2019s The Target BTC Price Overview At the time of writing, BTC is exchanging hands at $70,000 with a 0.65% loss on the last day. The widely acclaimed \u201cdigital gold\u201d is up now by 10.45% on its monthly chart\u00a0 following the price correction in February, Meanwhile, the BTC\u2019s trading volume has declined by 23.16% and is valued at $24.67 billion. With a market of $1.1 trillion, Bitcoin ranks as the largest cryptocurrency in the world. BTC trading at $69960 on the hourly chart | Source: BTCUSDT chart on Tradingview.com Featured image from Forbes, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":600451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,14917,79611,8080,91971,10263],"class_list":["post-600447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitwise","tag-bnbusdt","tag-halving","tag-hunter-horsley","tag-usdt"],"acf":[],"yoast_head":"\n<title>Bitwise CEO Predicts $11B Drop In Bitcoin Supply Post Halving<\/title>\n<meta name=\"description\" content=\"Bitwise CEO has stated that the upcoming Halving event could be the most significant in Bitcoin trading history. 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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